Biotech Innovation is Privatizing: Science Venture CEO
John Flavin, Portal Innovations, Founder & CEO speaks with Romaine Bostick and Alix Steel about the outlook on investing in biotech. (Source: Bloomberg)
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That includes canceling $500 million for activities related to infectious diseases and child and maternal health and another $400 million to address the global HIV epidemic. The Trump administration is also looking to cancel $800 million, or a quarter of the amount Congress approved, for a program that provides emergency shelter, water and sanitation, and family reunification for those forced to flee their own country. About 45% of the savings sought by the White House would come from two programs designed to boost the economies, democratic institutions and civil societies in developing countries. Democratic leadership, in urging their caucus to vote no, said that package would eliminate access to clean water for more than 3.6 million people and lead to millions more not having access to a school. 'Those Democrats saying that these rescissions will harm people in other countries are missing the point,' McClain said. 'It's about people in our country being put first.' The Republican president has also asked lawmakers to rescind nearly $1.1 billion from the Corporation for Public Broadcasting, which represents the full amount it's slated to receive during the next two budget years. About two-thirds of the money gets distributed to more than 1,500 locally owned public radio and television stations. Nearly half of those stations serve rural areas of the country. The association representing local public television stations warns that many of them would be forced to close if the Republican measure passes. Those stations provide emergency alerts, free educational programming and high school sports coverage and highlight hometown heroes. Advocacy groups that serve the world's poorest people are also sounding the alarm and urging lawmakers to vote no. 'We are already seeing women, children and families left without food, clean water and critical services after earlier aid cuts, and aid organizations can barely keep up with rising needs,' said Abby Maxman, president and CEO of Oxfam America, a poverty-fighting organization. Rep. Jim McGovern, D-Mass., said the foreign aid is a tool that prevents conflict and promotes stability, but the measure before the House takes that tool away. 'These cuts will lead to the deaths of hundreds of thousands, devastating the most vulnerable in the world,' McGovern said. 'This bill is good for Russia and China and undertakers,' added Rep. Steve Cohen, D-Tenn. Republicans disparaged the foreign aid spending and sought to link it to programs they said DOGE had uncovered. Rep. Chip Roy, R-Texas, said taxpayer dollars had gone to such things as targeting climate change, promoting pottery classes and strengthening diversity, equity and inclusion programs. Other Republicans cited similar examples they said DOGE had revealed. 'Yet, my friends on the other side of the aisle would like you to believe, seriously, that if you don't use your taxpayer dollars to fund this absurd list of projects and thousands of others I didn't even list, that somehow people will die and our global standing in the world will crumble,' Roy said. 'Well, let's just reject this now.'
